Product Specialist

What will you do?

The Product Champion for Santam Mzansi Business Insurance is responsible for driving the performance, growth, and ongoing development of the Mzansi Business Insurance product. The role focuses on ensuring that the product remains relevant, accessible, and commercially successful within the micro and small business segment, particularly in underserved and township markets. The incumbent will act as the key link between product development, distribution, underwriting, claims, compliance, and marketing to deliver a simple, competitive, and customer-centric insurance offering.

What will make you successful in this role?

Key Responsibilities:

1. Product Management & Development

• Drive the end-to-end product lifecycle management of Mzansi Business Insurance. 
• Identify opportunities to enhance product features, pricing, and value propositions based on market insights and performance data. 
• Ensure product simplicity and accessibility for micro and informal business segments. 
• Collaborate with underwriting, claims and financial teams to maintain profitability and sustainability. 

2. Market & Customer Insights 

• Analyse market trends, competitor offerings, and customer behaviour within township and informal economies. 
• Gather feedback from Partners, Brokers, and Customers to inform continuous improvement. 
• Champion a deep understanding of the target market, including barriers to insurance adoption. 

3. Distribution & Growth Enablement 

• Support distribution channels (including brokers, direct channels, and partnerships) with product knowledge and tools. 
• Develop and implement initiatives to grow policy sales and improve retention. 
• Assist in developing sales strategies tailored for informal and emerging business segments. 
• Work closely with marketing to ensure effective product positioning and messaging. 

4. Stakeholder Management 

• Act as the central coordination point between internal stakeholders (underwriting, claims, legal, compliance, IT, and marketing). 
• Build strong relationships with intermediaries, partners, and external service providers. 
• Facilitate cross-functional alignment to ensure seamless product delivery. 

5. Compliance & Governance 

• Ensure full compliance with: Policyholder Protection Rules (PPRs), Short-term Insurance Act, FAIS and related regulatory requirements • Oversee product documentation, ensuring clarity, fairness, and compliance.
• Participate in product governance forums and approval processes. 

6. Performance Monitoring & Reporting:

• Track product performance metrics (sales, loss ratios, retention, claims trends). 
• Identify risks and opportunities and implement corrective actions where required. 
• Provide regular reporting and insights to senior management, as well as to external Partnerships. 

Qualifications & Experience

• Bachelor’s degree in:  Business, Commerce, Insurance, Finance, or related field 
• Relevant insurance certifications (e.g., FAIS RE5) advantageous Experience 
• Minimum 3-5 years’ experience in short-term insurance, preferably experience in: Product development or product management, Commercial or SME insurance 

Competencies & Skills

• Customer-centric mindset 
• Strong stakeholder management and influencing skills 
• Strategic thinking with execution focus 
• Excellent communication (verbal and written) 
• Innovation and problem-solving mindset
• High attention to detail and governance discipline
• Experience working with township economies or informal business sectors 
• Exposure to digital distribution models and partnerships